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2009 (6) TMI 603 - AT - Income TaxSearch and Seizure - Addition of income – The appellant raised share capital and received share application money from seven persons aggregating to Rs. 1394.15 lakhs - From the seized material AO found that these companies have been used as a conduit for investment in the assessee company - it was explained that the amounts have been received by the assessee company only through cheques and that the names and addresses of the shareholders have been furnished - Therefore, enquires were conducted not only to lift the corporate veil of the assessee company but also that of the intermediary companies which acted as conduits - Hon'ble apex Court in the case of CIT vs. Lovely Exports (P) Ltd 2008 -TMI - 76942 – Accordingly the appeal is allowed
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